This has always been a centre plank of New Zealand First policy because we recognise that the problem will not go away.
As the events of the past few weeks have shown, we can’t keep relying on the savings of overseas investors, and we can’t keep putting off the reality of the needs of an ageing population.
We just witnessed how quickly foreign investors and foreign money flee these shores for greener pastures.
New Zealand must create a savings fund for development and savings purposes just as Singapore did so successfully many years ago.
It is interesting to remember that we once owned an international and domestic airline.
Now we are facing the prospect of that airline becoming a branch of Singapore Airlines.
Singapore has one of the most successful carriers in the world – and flying testimony to the wisdom of successful planning and wise investment.
Foreign interests are swallowing our companies with the resultant drain of profits overseas. We must reverse this trend and take back control of our resources.
New Zealand First wants a stand-alone State funded superannuation fund set up as soon as possible and has already raised this issues, amongst others, with Labour.
Our main difference is that we believe the fund should be established in the names of all the contributors which is the only way to prevent a future Government tampering with it. There is no constitutional safeguard from tampering but no Government is going to contemplate raiding the savings accounts of 2.8 million New Zealanders. That is the only safeguard.
However these are details that can be negotiated and we hope the Budget will begin to deal with this urgently.
Winston Peters is the leader of New Zealand First,
This is an extract from a speech given to the Probus Club in Whangaparoa.| « Australians put super back on the agenda | AMP & Good Returns launch superannuation website » |
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